EURm
Sales
N/A
N/A
N/A
N/A
N/A
N/A
52
67
90
111
124
140
Sales growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
28
34,8
23,2
12,1
12,3
EBITDA
N/A
N/A
N/A
N/A
N/A
N/A
-3
20
33
50
63
74
EBITDA margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
-6,5
30,2
36,7
45,5
50,3
53
EBIT adj.
0
0
0
0
0
0
-9
7
15
32
42
53
EBIT adj. margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
-16,5
10,6
16,4
28,6
33,6
38,2
Pretax profit
0
0
0
0
0
0
-15
-1
9
22
35
46
EPS
N/A
N/A
N/A
N/A
N/A
N/A
-0,2
-0,01
0,05
0,16
0,25
0,33
EPS growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
-96,4
-821,2
213,7
55,9
33,5
EPS adj.
N/A
N/A
N/A
N/A
N/A
N/A
-0,2
0,01
0,13
0,25
0,32
0,41
DPS
N/A
N/A
N/A
N/A
N/A
N/A
0
0
0
0
0
0
EV/EBITDA (x)
N/A
N/A
N/A
N/A
N/A
N/A
-77,4
14,1
11,3
7,2
5,2
3,7
EV/EBIT adj. (x)
N/A
N/A
N/A
N/A
N/A
N/A
-30,7
40,2
25,2
11,4
7,7
5,1
P/E (x)
N/A
N/A
N/A
N/A
N/A
N/A
-13,4
-373,1
51,7
16,5
10,6
7,9
P/E adj. (x)
N/A
N/A
N/A
N/A
N/A
N/A
-13,4
353,4
20,4
10,5
8,1
6,5
EV/sales (x)
N/A
N/A
N/A
N/A
N/A
N/A
5,06
4,25
4,13
3,27
2,6
1,95
FCF yield (%)
0
0
0
0
0
0
13,7
1,4
7,4
9,1
12
15,1
Le. adj. FCF yld. (%)
0
0
0
0
0
0
12,9
0,2
6,4
9,1
12
15,1
Dividend yield (%)
0
0
0
0
0
0
0
0
0
0
0
0
Net IB debt/EBITDA (x)
N/A
N/A
N/A
N/A
N/A
N/A
-8,2
1,9
1,9
0,7
-0,1
-0,8
Le. adj. ND/EBITDA (x)
N/A
N/A
N/A
N/A
N/A
N/A
4,5
1,8
1,9
0,6
0,2
0,8
EURm
Sales
N/A
N/A
N/A
N/A
N/A
N/A
52
67
90
111
124
140
COGS
N/A
N/A
N/A
N/A
N/A
N/A
0
-1
-1
-1
-2
-2
Gross profit
0
0
0
0
0
0
52
66
89
109
123
138
Other operating items
0
0
0
0
0
0
-55
-46
-56
-59
-60
-64
EBITDA
N/A
N/A
N/A
N/A
N/A
N/A
-3
20
33
50
63
74
Depreciation and amortisation
0
0
0
0
0
0
-5
-9
-11
-11
-10
-10
of which leasing depreciation
N/A
N/A
N/A
N/A
N/A
N/A
-3
-2
-3
-2
-2
-2
EBITA
N/A
N/A
N/A
N/A
N/A
N/A
-9
11
22
40
52
64
EO Items
N/A
N/A
N/A
N/A
N/A
N/A
0
-1
-2
-2
0
0
Impairment and PPA amortisation
0
0
0
0
0
0
0
-4
-9
-10
-10
-10
EBIT
N/A
N/A
N/A
N/A
N/A
N/A
-9
6
13
29
42
53
Net financial items
N/A
N/A
N/A
N/A
N/A
N/A
-7
-7
-4
-7
-7
-7
Pretax profit
0
0
0
0
0
0
-15
-1
9
22
35
46
Tax
N/A
N/A
N/A
N/A
N/A
N/A
0
1
-1
-2
-3
-5
Net profit
0
0
0
0
0
0
-16
0
7
20
31
42
Minority interest
N/A
N/A
N/A
N/A
N/A
N/A
0
0
0
0
0
0
Net profit discontinued
N/A
N/A
N/A
N/A
N/A
N/A
-2
0
-1
0
0
0
Net profit to shareholders
0
0
0
0
0
0
-18
-1
6
20
31
42
EPS
N/A
N/A
N/A
N/A
N/A
N/A
-0,2
-0,01
0,05
0,16
0,25
0,33
EPS adj.
N/A
N/A
N/A
N/A
N/A
N/A
-0,2
0,01
0,13
0,25
0,32
0,41
Total extraordinary items after tax
0
0
0
0
0
0
0
0
-1
-2
0
0
Leasing payments
N/A
N/A
N/A
N/A
N/A
N/A
-3
-2
-3
-2
-2
-2
Tax rate (%)
N/A
N/A
N/A
N/A
N/A
N/A
-2,1
72,6
15,7
10
10
10
Gross margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
99,2
99,3
99,1
98,7
98,7
98,7
EBITDA margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
-6,5
30,2
36,7
45,5
50,3
53
EBITA margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
-16,5
16,1
24,5
35,9
41,9
45,6
EBIT margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
-16,5
9,6
14,5
26,6
33,6
38,2
Pre-tax margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
-29,7
-1,1
9,7
20,1
27,8
33
Net margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
-30,3
-0,3
8,2
18,1
25
29,7
Growth Rates y-o-y
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Sales growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
28
34,8
23,2
12,1
12,3
EBITDA growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
-690,2
64,1
52,5
24,1
18,3
EBITA growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
-224,6
105,6
80,7
30,8
22,2
EBIT growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
-174,6
N/A
N/A
41,7
27,7
Net profit growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
-98,8
-3859,2
172,1
55,1
33,5
EPS growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
-96,4
-821,2
213,7
55,9
33,5
Profitability
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
ROE (%)
N/A
N/A
N/A
N/A
N/A
N/A
-974,9
-8,5
15
25,8
30,2
29,8
ROE adj. (%)
N/A
N/A
N/A
N/A
N/A
N/A
-974,9
49,3
41,6
41,8
40,3
37,3
ROCE (%)
N/A
N/A
N/A
N/A
N/A
N/A
-57,7
0,7
11
14,1
19,9
22,8
ROCE adj. (%)
N/A
N/A
N/A
N/A
N/A
N/A
-57,7
6,3
15,8
22,1
25,9
28
ROIC (%)
N/A
N/A
N/A
N/A
N/A
N/A
-51
26,9
16,6
25,5
39
53,7
ROIC adj. (%)
N/A
N/A
N/A
N/A
N/A
N/A
-51
29,6
18,9
27,5
39
53,7
Adj. earnings numbers
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
EBITDA adj.
0
0
0
0
0
0
-3
21
35
53
63
74
EBITDA adj. margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
-6,5
31,1
38,7
47,5
50,3
53
EBITDA lease adj.
N/A
N/A
N/A
N/A
N/A
N/A
-6
19
32
51
61
72
EBITDA lease adj. margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
-11,9
27,7
35,6
45,8
48,8
51,7
EBITA adj.
0
0
0
0
0
0
-9
11
24
42
52
64
EBITA adj. margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
-16,5
17
26,5
38
41,9
45,6
EBIT adj.
0
0
0
0
0
0
-9
7
15
32
42
53
EBIT adj. margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
-16,5
10,6
16,4
28,6
33,6
38,2
Pretax profit Adj.
0
0
0
0
0
0
-15
4
20
35
45
57
Net profit Adj.
0
0
0
0
0
0
-16
4
18
32
41
52
Net profit to shareholders adj.
0
0
0
0
0
0
-18
4
17
32
41
52
Net adj. margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
-30,3
6,4
19,9
29,3
33,4
37,2
EURm
EBITDA
N/A
N/A
N/A
N/A
N/A
N/A
-3
20
33
50
63
74
Goodwill
N/A
N/A
N/A
N/A
N/A
N/A
16
16
75
75
75
75
Net financial items
N/A
N/A
N/A
N/A
N/A
N/A
-7
-7
-4
-7
-7
-7
Other intangible assets
0
0
0
0
0
0
33
32
59
48
38
30
Paid tax
N/A
N/A
N/A
N/A
N/A
N/A
0
1
-1
-2
-3
-5
Tangible fixed assets
N/A
N/A
N/A
N/A
N/A
N/A
0
0
0
0
0
0
Non-cash items
N/A
N/A
N/A
N/A
N/A
N/A
17
7
10
0
0
0
Right-of-use asset
N/A
N/A
N/A
N/A
N/A
N/A
0
0
0
0
0
0
Cash flow before change in WC
0
0
0
0
0
0
6
21
37
41
52
62
Total other fixed assets
0
0
0
0
0
0
17
13
9
7
5
3
Change in working capital
0
0
0
0
0
0
12
-9
-1
-3
-3
-2
Fixed assets
0
0
0
0
0
0
66
62
144
130
119
108
Operating cash flow
N/A
N/A
N/A
N/A
N/A
N/A
18
13
36
38
49
60
Inventories
N/A
N/A
N/A
N/A
N/A
N/A
0
0
0
0
0
0
Capex tangible fixed assets
N/A
N/A
N/A
N/A
N/A
N/A
-2
-1
0
-1
-1
-1
Receivables
N/A
N/A
N/A
N/A
N/A
N/A
16
18
25
28
31
34
Capex intangible fixed assets
N/A
N/A
N/A
N/A
N/A
N/A
-7
-9
-13
-7
-9
-10
Other current assets
N/A
N/A
N/A
N/A
N/A
N/A
0
0
0
0
0
0
Acquisitions and Disposals
0
0
0
0
0
0
23
0
0
0
0
0
Cash and liquid assets
N/A
N/A
N/A
N/A
N/A
N/A
12
9
22
41
73
115
Free cash flow
0
0
0
0
0
0
32
3
23
30
40
50
Total assets
0
0
0
0
0
0
93
88
190
199
223
257
Dividend paid
N/A
N/A
N/A
N/A
N/A
N/A
0
0
0
0
0
0
Shareholders equity
0
0
0
0
0
0
4
12
67
87
118
160
Share issues and buybacks
0
0
0
0
0
0
0
0
25
0
0
0
Minority
N/A
N/A
N/A
N/A
N/A
N/A
0
0
0
0
0
0
Leasing liability amortisation
N/A
N/A
N/A
N/A
N/A
N/A
-2
-3
-3
0
0
0
Total equity
0
0
0
0
0
0
4
12
67
87
118
160
Other non-cash items
0
0
0
0
0
0
-81
4
-72
0
0
0
Long-term debt
N/A
N/A
N/A
N/A
N/A
N/A
36
39
66
58
50
42
Pension debt
N/A
N/A
N/A
N/A
N/A
N/A
0
0
0
0
0
0
Convertible debt
N/A
N/A
N/A
N/A
N/A
N/A
0
0
0
0
0
0
Leasing liability
0
0
0
0
0
0
0
3
3
3
3
3
Total other long-term liabilities
0
0
0
0
0
0
23
9
11
11
11
11
Short-term debt
N/A
N/A
N/A
N/A
N/A
N/A
3
4
16
13
13
13
Accounts payable
N/A
N/A
N/A
N/A
N/A
N/A
27
20
27
26
27
28
Other current liabilities
0
0
0
0
0
0
0
0
0
0
0
0
Total liabilities and equity
0
0
0
0
0
0
93
88
190
199
223
257
Net IB debt
0
0
0
0
0
0
28
37
64
34
-6
-56
Net IB debt excl. pension debt
0
0
0
0
0
0
28
37
64
34
-6
-56
Net IB debt excl. leasing
0
0
0
0
0
0
28
34
60
30
-9
-59
Capital employed
0
0
0
0
0
0
43
58
153
162
185
219
Capital invested
0
0
0
0
0
0
33
49
132
122
113
105
Working capital
0
0
0
0
0
0
-12
-3
-2
1
4
6
EV breakdown
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Market cap. diluted (m)
0
0
0
0
0
0
236
247
308
329
329
329
Net IB debt adj.
N/A
N/A
N/A
N/A
N/A
N/A
28
37
64
34
-6
-56
Market value of minority
N/A
N/A
N/A
N/A
N/A
N/A
0
0
0
0
0
0
Reversal of shares and participations
0
0
0
0
0
0
0
0
0
0
0
0
Reversal of conv. debt assumed equity
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
EV
0
0
0
0
0
0
264
284
372
363
323
273
Total assets turnover (%)
N/A
N/A
N/A
N/A
N/A
N/A
112,1
73,9
64,8
56,9
59
58,2
Working capital/sales (%)
N/A
N/A
N/A
N/A
N/A
N/A
-11
-10,8
-2,7
-0,4
2,2
3,8
Financial risk and debt service
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Net debt/equity (%)
N/A
N/A
N/A
N/A
N/A
N/A
775,1
312,8
94,4
38,4
-5,1
-35
Net debt / market cap (%)
N/A
N/A
N/A
N/A
N/A
N/A
11,8
15,1
20,8
10,4
-1,9
-17,4
Equity ratio (%)
N/A
N/A
N/A
N/A
N/A
N/A
3,9
13,6
35,4
43,8
53,2
62,2
Net IB debt adj. / equity (%)
N/A
N/A
N/A
N/A
N/A
N/A
775,1
312,8
94,4
38,4
-5,1
-35
Current ratio
N/A
N/A
N/A
N/A
N/A
N/A
0,89
1,07
1,09
1,74
2,6
3,63
EBITDA/net interest
N/A
N/A
N/A
N/A
N/A
N/A
0,5
2,8
7,7
7
8,7
10,3
Net IB debt/EBITDA (x)
N/A
N/A
N/A
N/A
N/A
N/A
-8,2
1,9
1,9
0,7
-0,1
-0,8
Net IB debt/EBITDA lease adj. (x)
N/A
N/A
N/A
N/A
N/A
N/A
-4,5
1,8
1,9
0,6
-0,2
-0,8
Interest coverage
N/A
N/A
N/A
N/A
N/A
N/A
4,1
2,4
5,1
N/A
N/A
N/A
EURm
Shares outstanding adj.
N/A
N/A
N/A
N/A
N/A
N/A
90
94
116
123
123
123
Diluted shares adj.
0
0
0
0
0
0
90
94
118
125
125
125
EPS
N/A
N/A
N/A
N/A
N/A
N/A
-0,2
-0,01
0,05
0,16
0,25
0,33
Dividend per share
N/A
N/A
N/A
N/A
N/A
N/A
0
0
0
0
0
0
EPS adj.
N/A
N/A
N/A
N/A
N/A
N/A
-0,2
0,01
0,13
0,25
0,32
0,41
BVPS
N/A
N/A
N/A
N/A
N/A
N/A
0,04
0,13
0,57
0,7
0,94
1,28
BVPS adj.
N/A
N/A
N/A
N/A
N/A
N/A
-0,51
-0,38
-0,57
-0,29
0,04
0,44
Net IB debt/share
N/A
N/A
N/A
N/A
N/A
N/A
0,31
0,4
0,54
0,27
-0,05
-0,45
Share price
28,7
28,7
28,7
28,7
28,7
28,7
28,7
28,7
28,7
28,7
28,7
28,7
Market cap. (m)
0
0
0
0
0
0
236
247
305
322
322
322
Valuation
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
P/E (x)
N/A
N/A
N/A
N/A
N/A
N/A
-13,4
-373,1
51,7
16,5
10,6
7,9
EV/sales (x)
N/A
N/A
N/A
N/A
N/A
N/A
5,06
4,25
4,13
3,27
2,6
1,95
EV/EBITDA (x)
N/A
N/A
N/A
N/A
N/A
N/A
-77,4
14,1
11,3
7,2
5,2
3,7
EV/EBITA (x)
N/A
N/A
N/A
N/A
N/A
N/A
-30,7
26,5
16,9
9,1
6,2
4,3
EV/EBIT (x)
N/A
N/A
N/A
N/A
N/A
N/A
-30,7
44,2
28,6
12,3
7,7
5,1
Dividend yield (%)
0
0
0
0
0
0
0
0
0
0
0
0
FCF yield (%)
0
0
0
0
0
0
13,7
1,4
7,4
9,1
12
15,1
Le. adj. FCF yld. (%)
0
0
0
0
0
0
12,9
0,2
6,4
9,1
12
15,1
P/BVPS (x)
N/A
N/A
N/A
N/A
N/A
N/A
65,5
20,68
4,58
3,77
2,78
2,06
P/BVPS adj. (x)
2,62
2,62
2,62
2,62
2,62
2,62
-5,17
-6,83
-4,57
-9
67,33
5,88
P/E adj. (x)
N/A
N/A
N/A
N/A
N/A
N/A
-13,4
353,4
20,4
10,5
8,1
6,5
EV/EBITDA adj. (x)
N/A
N/A
N/A
N/A
N/A
N/A
-77,4
13,7
10,7
6,9
5,2
3,7
EV/EBITA adj. (x)
N/A
N/A
N/A
N/A
N/A
N/A
-30,7
25
15,6
8,6
6,2
4,3
EV/EBIT adj. (x)
N/A
N/A
N/A
N/A
N/A
N/A
-30,7
40,2
25,2
11,4
7,7
5,1
EV/CE (x)
N/A
N/A
N/A
N/A
N/A
N/A
6,1
4,9
2,4
2,2
1,7
1,2
Investment ratios
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Capex/sales (%)
N/A
N/A
N/A
N/A
N/A
N/A
15,8
13,8
14,8
6,9
7,5
7,3
Capex/depreciation
N/A
N/A
N/A
N/A
N/A
N/A
3,4
1,3
1,6
0,9
1,1
1,2
Capex tangibles / tangible fixed assets
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Capex intangibles / definite intangibles
N/A
N/A
N/A
N/A
N/A
N/A
19,9
27,2
22
14,9
22,5
31,9
Depreciation on intang / def. intang
N/A
N/A
N/A
N/A
N/A
N/A
7
21
13
17
21
27
Depreciation on tangibles / tangibles
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Sales
Sales growth (%)
EBIT adj.
EBIT adj. margin (%)
EPS adj.
DPS
Net IB debt
Equity ratio (%)
Shares outstanding adj.
Sales
Sales growth (%)
EBIT adj.
EBIT adj. margin (%)
EPS adj.
DPS
Net IB debt
Equity ratio (%)
Shares outstanding adj.